Janus Electric Q1 Revenue Rises 3.35% Despite Supply Chain Setbacks

Operational Progress Amid Challenges

Janus Electric Holdings Limited (ASX, JNS), an Australian pioneer in heavy vehicle electrification, has reported a 3.35% quarter-on-quarter increase in operational revenue for Q1 FY26, reaching $183,909. However, the company’s truck conversion operations fell behind schedule, completing only one conversion during the quarter. This delay is attributed to extended procurement and delivery times as Janus rebuilds its supply chain following its recent relisting on the ASX.

Despite these setbacks, new orders from Cement Australia and Ability have bolstered the company’s pipeline, with multiple trucks now on the assembly line or undergoing conversion. Additionally, Janus commissioned a new Charge and Change Station at Moorebank Intermodal Precinct to enhance charging infrastructure capacity.

Financial Position and Strategic Investment

Janus ended the quarter with a cash balance of $1.003 million but reported a net cash outflow from operations of $2.7 million, reflecting ongoing high costs in employee, administration, and corporate expenses. The company remains in a delicate financial position, compounded by its suspension from ASX trading since 1 October 2025 due to delayed FY25 financial reporting.

In a significant development, Janus secured a $5 million strategic investment from Singapore-based EVUNI Pte Ltd, structured in two tranches. EVUNI will serve as the exclusive distributor of Janus technology in sub-Saharan Africa, with minimum order commitments of 100 units by mid-2026 and 250 units annually thereafter. While the first tranche of $3.5 million was delayed beyond the original mid-October expectation, a refreshed commitment letter confirms funds are anticipated to flow once trading resumes.

Leadership and Outlook

To navigate these operational and financial challenges, Janus appointed Philip Hempenstall as Chief Financial Officer in October 2025. Hempenstall brings extensive leadership experience in heavy industry sectors and is expected to enhance financial discipline and strategic planning.

Managing Director Ian Campbell acknowledged the difficulties faced, citing tough business and funding conditions that have slowed production and increased costs. Nevertheless, he reaffirmed confidence in Janus’ technology and business model, which generates recurring revenue through its Battery and Energy as a Service platform based on kilometres travelled and energy consumed.

Looking ahead, the company aims to conclude its FY25 audit promptly to lift the ASX suspension and unlock further capital. The EVUNI partnership offers a promising growth avenue, particularly in emerging markets, but execution risks remain as Janus works to scale production and improve operational efficiencies.